Palpable sighs of relief in many quarters as British consumer price rises slow. Still way above the Bank of England’s 2 per cent target, but CPI at 2.7 per cent in the year to February is better than the 3.1 per cent it peaked at over Christmas; core consumer prices are rising at 2.4 per cent and producer prices were down in February. The ONS claims the effect is mainly due to ‘the previous depreciation of the pound has started to work through the system’. The ONS also noted that house price rises in the year to February were running at 4.9 per cent, versus 5.2 per cent in January.
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